Bitcoin Shorts Liquidated ₱18.99 billion ($330 million) in 8% Rally
A sharp V-shaped recovery sent Bitcoin up 8% on Wednesday, with the price bouncing from a 24-hour low of $63,894 to reclaim $69,500 and trigger a cascade of short liquidations across global exchanges.
Key Takeaway
Shorts got crushed 22x harder than longs — overleveraged bears paid the price for betting against Bitcoin's support.
Bitcoin wiped out ₱14.27 billion ($247.98 million) in short positions during a 4-hour squeeze that sent the price up 8% on Wednesday.
The rally caught bearish traders completely off guard. Bitcoin briefly lost the $63,000 support zone, hitting a 24-hour low of $63,894 before reversing sharply to reclaim $69,500. Long positions took only ₱642.72 million ($11.17 million) in damage during the same period — a tiny fraction compared to the shorts that got crushed.
Trader and analyst Justin Spittler said Bitcoin never retested its recent lows during the recovery. He pointed to software stocks as a bullish signal, noting that the iShares Expanded Tech-Software Sector ETF and Bitcoin are highly correlated and both appear to have bottomed out.
Bitcoin hit a 24-hour high of $69,483 during the V-shaped recovery, erasing most of the day's losses in a matter of hours. Global exchanges saw the heaviest liquidation activity during the rally, with leveraged shorts getting wiped out as the price pushed higher. Leveraged trading remains a high-risk activity for retail users who often chase volatility without proper risk management. Total liquidations across all positions reached ₱18.99 billion ($330 million) in the last 24 hours.
This article was written based on reporting from U.Today.
